Yallacompare raises $8m in new round of funding

Yallacompare, a comparison platform for financial products in the Middle East, has raised $8m in a new funding round.

Investors to the round included Argo Ventures and previous backers STC Ventures, Wamda Capital.

Launched in 2016, the company enables consumers to compare and purchase insurance policies digitally, as well as bank accounts, mortgages, credit cards, and loans.

Capital from the round will be used to grow its existing 150-strong team by up to 50 per cent, in order to support its expansion across regional markets. The platform, which supports the MENA market, gives consumers easy access to car, health, travel, home and life insurance policies.

Iris Capital partner Angus Paterson said, “we are pleased to continue our support of yallacompare and to reinvest to help the company further develop its fast-growing insurance business and cement its position as the leading online insurance aggregation and finance comparison platform in the region.”

The company recently made a deal with the Dubai Government initiative Smart Dubai, which will see it deploy its insurance aggregation services to the Dubai Now app. Yallacompare is expecting to issue over $50m in policies during 2019.

Earlier in the year, Iris Capital took part in the $60m equity funding of Scality. The company designs software which helps companies to manage and protect data.

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